What does Pending without Release mean?

Asked by Yvonne, 95023 Thu Feb 12, 2009

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April Tavares, , Saratoga, CA
Thu Feb 12, 2009
Hi Yvonne,

When a property is labeled with a status of pending without release, it is essentially just in a pending state where the property is in escrow waiting for the lender to fund the money. This means that all contingencies have been removed at this point. The other option would be 'pending with release clause'. The release clause indicates that the buyer may be trying sell their current home or might have some other obstacle to overcome. A release clause, typically gives the buyer a certain amount of time stated in the contract to overcome the obstacle preventing them from closing the deal i.e. selling their house, waiting for a bonus, etc. If they are unable to sell their house or the expected bonus does not come through, they are able to be released from the contract of buying the new home.

I hope this informations helps!
Web Reference:  http://www.apriltavares.com
2 votes
Curt Abramson, Agent, Santa Cruz, CA
Thu Feb 12, 2009
Yvonne, Curt Abramson from Bailey Properties in Santa Cruz here. That status on the MLS means that an offer has been accepted, that is not contingent on the sale of the buyer's property. If a sale is contingent on the buyer's home selling, it will show as Pending with Release on our MLS.

Hope that helps.
2 votes
CJ Brasiel, Agent, San Jose, CA
Thu Feb 12, 2009
Yvonne -

When used correctly it means that the buyer has made an offer contingent on selling his/her property first. Which then means the seller has accepted the offer but has a "release" as a part of the contract.

Which means that if the seller receives another offer from a different buyer, they will request the first offer to either "release" the contingency and move forward with the purchase or "release" the contract so that the seller may contract with the new buyer. Normally there is a period given to the "release" (i.e. 48 hours).

However, I have seen agents use this incorrectly and apply it to any contingency. They will indicate PR until the contingency periods are released (i.e. physical, appraisal, loan, etc) and then move it to PN (pending no-show). This implies that the seller can release the contract during the contingency period and that is not really true.

PS means that there is a contract, but the seller would like to continue showing the property. This can happen when the seller does not have confidence the buyer can go through with the contract and want to keep collecting "back -up " offers.

Web Reference:  http://www.TalkToCJ.com
0 votes
Jerry Lorenz, Agent, Strongsville, OH
Thu Feb 12, 2009

Without knowing the complete question this is very hard to know exactly. I will tell you what I think means.

A buyer had written a purchase agreement on a property but was unable to consummate the deal; therefore signed releases have to be signed by both the buyer and the seller to terminate the purchase agreement. Then a second buyer wrote a new purchase agreement and the seller has accepted the agreement based upon the releases be executed. This usually only take a short time then the second agreement would be in full force.
0 votes
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